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Valuing Guns & Ammo Topic of Wednesday Webinar

This Wednesday (October 15) please join us for a lively discussion on a sometimes taboo subject. We will be looking at best practices for determining the relative value of handguns, rifles, shotguns and ammunition. We’ll also touch briefly on collectibles.

Firearms are a highly specialized contents category. The sheer number of firearm makes and models, the many ammunition types, and the danger of improperly handling them can make things dicey. Americans own about 300 million of these, almost one per each person. I’m willing to bet that there is not a single field adjuster who has not come across a firearm while on the job. Our own claims data suggests that guns comprise 10% of the $2 billion in claims we process every year.

Guns come with their own set of markings and engravings. State laws and regulations governing their use and storage can vary by state. Many unique challenges exist. By attending our webinar, claim pros will gain familiarity with key value factors. They will get a basic education on the terminology that should be used and the information that should be collected, when managing a firearm claim. Knowing this will greatly expedite the entire settlement process.

We’ll begin by looking at statistics on firearm ownership and their prevalence in homeowner claims. We’ll examine the more common types likely to be encountered on the job, and the differences in value factors and markings between handguns, shotguns, and rifles.

Other items that we’ll cover in the webinar include:

How to identify a firearm by the information stamped in metal on the gun itself;

How to describe the finish, grip and barrel length

How to identify ammunition types and cases, such as magazines and clips

How to inventory caliber and gauge, and projectile types

Learning the basics on how to identify, inventory, and value firearms and ammo will greatly assist claims pros in arriving at a fair reimbursement or replacement.